Find
May 06, 2009

Eurex Clearing

Eurex Credit Clear – European OTC Solution for Credit Default Swaps (CDS): Simulation Launch

On February 17, 2009, the industry entered into a self-commitment towards the European Commission to clear their European index and single name Credit Default Swaps (CDS) business via a European clearinghouse by July 31, 2009.

With this circular Eurex Clearing would like to inform all market participants about Eurex Credit Clear, the European OTC Clearing Solution for CDS and the start of the simulation phase.

Aligned with the industry commitment, the production launch of the new clearing service is planned for mid- July 2009. The simulation environment is now available to future Credit Clearing Members for the testing of workflow and risk processing.

As of May 7, 2009, all Clearing Members of Eurex Clearing who are interested in the central clearing of Credit Default Swaps will find abovementioned documents on the Eurex Clearing website under the following path:

www.eurexclearing.com > Member Section > Releases > Eurex OTC Clear > Eurex Credit Clear

In order to enable all future Credit Clearing Members to participate in simulation at the earliest possible date, interested parties are requested to complete and return the attached “Reference Data Sheet for Eurex Credit Clear” as soon as possible.

We kindly ask you to forward this announcement to all departments in your company involved or interested in the new clearing service.

Market Status

XEUR

The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message. 

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.